Suzlon raises Rs 1,735 crore through Hansen stake sale

Wind turbine manufacturer Suzlon Energy, which is reeling under nearly Rs 14,000- crore of debt, on Thursday raised about Rs 1,735 crore (pound 224 million) by selling a 35% stake in Belgium-based gearbox maker Hansen Transmissions International BV.

Its wholly-owned subsidiary AE-Rotor Holding BV completed a secondary placing of 23.6 crore depository interests in Hansen, representing 35.2 per cent of the aggregate voting rights, at 95 pence a depository interest. Hansen’s free float increases from 38.7 per cent to 73.9 per cent. AE-Rotor Holding continues to own a 26.06 voting right in Hansen.

Suzlon had appointed BofA-Merrill Lynch and Morgan Stanley as the managers and joint book-runners for the purpose.